Don't Let Yellen Off the Hook

Editor's note: Janet Yellen is paid a lot of money to protect Wall Street so how could she have been "wrong on inflation" when she was paid $7 million just in speaking fees? Isn't she paid this kind of money to know? Or maybe paid big bucks not to know. Yellen is a member of the Democratic Party and knowing what we know about this criminal syndicate, wouldn't Americans be just a little more than suspicious concerning Janet Yellen's actions at the US Treasury? Namely, politicizing monetary policy. Yellen sat on the Federal Reserve Board so how could she be "wrong about inflation" when she is neck deep in finance? The fed is creating enormous amounts of money and Yellen claims in a recent speech "who could have known this would happen?" Huh? Yellen was at the fed and now the US Treasury so she knows perfectly well what inflation is and how it is caused. People like Yellen have access to data we don't have access to. They know perfectly well what they are doing and cannot be allowed to claim ignorance.

Janet Yellen's Cash Haul of $7 Million Is Just the Tip of the Iceberg; She Failed to Report Her Wall Street Speaking Fees from JPMorgan and Others in 2018
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Source: Sputnik

US Treasury Secretary Yellen Admits Being Wrong About Inflation in March 2021

© NICHOLAS KAMM

By Tim Korso | June 2, 2022

The Republicans strongly opposed a new COVID relief bill proposed in March 2021, criticising it for excessive spending and risks of exacerbating inflation following several rounds of relief distribution conducted in 2020. Already in November, the Treasury registered decades-high levels of inflation in the country.

US Treasury Secretary Janet Yellen has admitted to being wrong in her assessments of inflation trends in March 2021, when she predicted that the spike in the inflation was short-term and prompted by the economic recovery after the pandemic and lockdowns.

"I was wrong about the path inflation would take. There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that at the time I didn't fully understand. But we recognise that now," Yellen said in an interview with CNN.

The Treasury spokesperson later clarified that the shocks that Yellen referred to and could not anticipate were the emergence of new COVID variants, coronavirus lockdowns in China and Russia's special military operation in Ukraine. Yellen herself said that dealing with inflation is currently the priority rather than anything else.

The spokesperson also noted economic growth (which often accompanies inflation, unless it's "stagflation") and high rates of job creation witnessed in the US recently as positive signs. The goal for the Treasury right now is to achieve steady growth and slow down the inflation.

The inflation in the US started reaching heights not seen for decades in November last year. It predated the lockdowns in China and Russia's special operation, but came almost half a year after the passing of Biden's $1.9 trillion COVID relief package. It was the last major COVID-related relief package passed by the US and the one that the Republican Party strongly opposed, including due to inflation concerns.

Please go to Sputnik to read more.
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News update for 5 June 2022: 

Yellen Throws Biden Under The Bus On Runaway Inflation: She "Wanted" $1.9 Trillion Stimulus Cut By A Third

More on Janet Yellen:

Janet Yellen

Solution to Janet Yellen's being wrong:

Amber Waves of Grain -- To Feed the Nation; You Need a Third National Bank

Monetary Reform 

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